After sorting near term funding, MXP has kicked off the first of potentially 4 shallow well drills.
Previous drilling times suggest around 10 to 14 days to drill 1400m depths so there’s a chance that MXP could update the market before September kicks in.
Considering the drilling company are effectively footing the bill, I would imagine their progress on this well will be speedy!
A good result will please shareholders as well as stakeholders like MacQ who are still prowling around like a sore bear due to impending debt payments becoming due.
These payments are likely to be pushed out until early 2013 by which time MXP will have completed the 4 well shallow program. Any confirmed news from MacQ/MXP on reneg’d debt deal will help the sp a great deal as further uncertainty over MXP’s future is removed – albeit temporarily.
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Max Petroleum Plc, 17 August 2012
Drilling Update
Max Petroleum Plc, an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce that it has commenced drilling the BCHW-1 exploration well on the Baichonas West prospect on Block E using Zhanros Drilling’s ZJ-20 rig. Total depth of the well will be approximately 1,400 metres. The Baichonas West prospect is a four-way anticline targeting unrisked mean resources of 10 million barrels of oil in Jurassic and Triassic reservoirs.